A meme coin inspired by US President Donald Trump, Trump has seen a long-term downtrend over the past month and is currently trading at $9.76. This sustained decline has brought altcoins closer to their all-time low (ATL).
It appears Trump could soon hit this fateful milestone, especially as investors’ behavior is worsening, and especially as wider market conditions remain at a disadvantage.
Trump is decreasing
The correlation between Bitcoin and Trump is currently weak at 0.15. This reduced correlation suggests that Trump may not follow Bitcoin leads. While Bitcoin trades at $106,500 and appears to be set to form a new all-time high in the near future, Trump’s inability to capitalize on Bitcoin’s bullish momentum shows memecoin’s bearish outlook.
Trump owners are now facing the realisation that memecoin could continue to decline independently of Bitcoin’s market performance. Without support from Bitcoin’s upward movement, there is a small chance that Trump will turn its way back.
Trump’s wider macro momentum shows an unsettling picture. Funding rates tracking trader sentiment have fluctuated recently and show uncertainty. This volatility shows that traders are beginning to accept their losses and focus on short circuits of meme coins.
These changes in trader sentiment reflect a broader lack of confidence in Trump’s recovery outlook. It is clear that Meme Coin’s market dynamics are changing as funding rates fluctuate.
Trump prices face crash
At a price of $9.76, Trump is currently facing considerable bearish pressure, and the ongoing downtrend could potentially lower prices. If decline continues, Trump could exceed the $9.68 support level, with $9.11 serving as the next key support zone. This support violation could further accelerate the price drop.
When Trump falls below $9.11, the next level of support you watch is an all-time low (ATL) of $7.14. Trump is currently 26% away from reaching this point, and although it may not happen anytime soon, it is a real possibility in the coming days. Trump’s outlook remains bearish as investors continue to weaken.
But if Trump’s demands rise due to actions or announcements from President Donald Trump, the meme coins can see a temporary bounce. The rebound from $9.68 drives Trump towards resistance at $10.97, offering short bailouts to investors. However, this potential recovery is an uncertain scenario as it relies on factors beyond market trends.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
